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TransCentury and EA Cables to delay release of 2018 financials

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As the 30th April deadline for publishing
financial results nears, listed firms TransCentury and East African Cables have
announced that they will be late in posting their reports. Capital Markets law
requires public companies to publish their annual results four months after
their fiscal year end.

According to a public notice published on local newspapers, TransCentury plc and EA Cables expect to release their earnings reports by 30th June 2019, 60 days after the deadline. The reason for the delay is that the firms are engaged in an ongoing transaction.

TransCentury is one of five listed companies
classified under “Investment segment” at the Nairobi Securities Exchange. The
company operates in three sectors; power, transport and engineering and its
subsidiaries are spread across 14 countries. It is the largest shareholder of
East African Cables with a 68 percent ownership in the firm.

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On 26th April, the two listed companies
jointly issued a cautionary statement urging investors to exercise caution when
trading the firms’ securities. As per the Friday notice, EA Cable is involved
in an undisclosed deal that could substantially change the company. The listed
duo said that more information on the deal will be revealed at the appropriate
time. 

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AfDB Unveils $10 Billion Package for COVID-19

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The AfDB (African Development Bank) has unveiled a $10 billion COVID-19 Response Facility to governments and the private sector, that seeks to enable regional member countries to mitigate impacts of the global pandemic.

Africa is facing enormous challenges in responding to the coronavirus pandemic effectively. The African Development Bank Group is deploying its full weight of emergency response support to assist Africa at this critical time. This Facility will help African countries to fast-track their efforts to contain the rapid spread of the virus.

Akinwumi Adesina, AfDB President 

The funding will be distributed as follows:

  • $5.5 billion for sovereign operations in AfDB countries
  • $3.1 billion for regional operations for member countries of the African Development Fund
  • $1.35 billion for private sector operations.

Already, the bank successfully sold a three-year $3 billion bond as part of its efforts to offer financial supports to countries and businesses fighting against the global COVID-19 pandemic. Thereafter, it became the first bond from AfDB to list on London Stock Exchange, and the largest to be admitted to London’s Sustainable Bond Market.

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Early this week, AfDB approved a $2 million emergency funding for the World Health Organization (WHO) to help African countries fight the COVID-19 pandemic impacts.

See Also:

AfDB Sells $3 Billion “Fight COVID-19” Bond

Africa to be Hit Hard by COVID-19, Says McKinsey

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OPEC and Russia Agree to Cut Oil Production by 10M BPD –

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OPEC and Russia have agreed to cut oil production by up to 10 million barrels per day effective May 1, 2020. However, oil prices recorded sharp declines after the announcement as the markets expected production cut by at least 20 million BPD.

Both Russia and Saudi Arabia will cut output by about 22-23% from a level of 11 million BPD to about 8.5 million BPD in May and June. OPEC+ further revealed that production cuts would ease to 8 million BPD between July and December and relaxed further to 6 million BPD between January 2021 and April 2022.

However, the full impact of the output cut on the market will be understood on Friday when G-20 ministers hold a meeting on Friday. Apparently, Saudi Arabia is leading persuasions to get the United States involved in a production cut.

In the last few weeks, oil prices have tumbled to record lows hasted by coronavirus pandemic and flooding of the market with oil from Saudi Arabia and Russia.

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Podcast; How COVID-19 sparked Saudi Arabia vs Russia Oil Price War

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Oil firm contests Sh2.2b tax bill : The Standard

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Africa Oil has moved to the High Court to challenge a Sh2.2 billion tax demand made by the Kenya Revenue Authority (KRA) on unpaid value-added tax (VAT) dating back almost 10 years.
This follows a ruling by the Tax Appeals Tribunal (TAT) in an appeal filed two years ago by the Canadian-based oil firm challenging the move by KRA to recover more than Sh4.5 billion in backdated taxes.
KRA was seeking Sh2.3 billion in income tax on the sale of Africa Oil stakes in three blocks made between 2012 and 2016, and another Sh2.29 billion in VAT transactions made in 2011, 2012 and 2016.

SEE ALSO: Troubles at Tullow put in doubt Kenya oil export promise

Africa Oil accuses KRA of making wrongful decisions in computing its tax bill and failing to account for the full value of losses brought forward.
The tribunal threw out KRA’s demands on income tax and ordered that the Sh2.29 billion VAT be reviewed to exclude assessment in respect to 2011 and 2012, a move Africa Oil has vowed to contest in court.
“Africa Oil is pleased that TAT has ruled in favour of the firm with regards to the corporate income tax assessments,” said the company in a statement. “Also, the firm notes TAT’s ruling in favour of KRA with regards to the VAT assessments that amount to $22 million (Sh2.2 billion).

For More of This and Other Stories, Grab Your Copy of the Standard Newspaper.  

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“However, Africa Oil maintains its position that the VAT assessment is without merit and has appealed.”


Do not miss out on the latest news. Join the Standard Digital Telegram channel HERE.

Africa OilTax

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